Honestly speaking, technically and economically, if we look at this critically, I'll say Nigeria's problem is not minimum wage.
1.) If the price of crude products (petrol, diesel, kerosene and gas) petrol in particular can be reduced to an affordable and pocket friendly price; price of commodities, goods and foodstuffs will become cheap and affordable. Cost of transportation will not be a problem at all along side the cost of living.
2.) If the government can have a functional Price Regulatory Body to regulate the prices of goods in the market, it will definitely be helpful.
3.) If Government can set up at least two functional refineries, we refine our own crude oil, our naira value will appreciate with the exchange rate.
4.) Reduce tax, and see how foreign investors will flood our country and the local investors will thrive. With this, employment rate will BOOM!!! while unemployment will drop drastically, crime rate will reduce too.
5.) Improve electric power supply and see manufacturing and productions at it's peak ready for exports. Another boost to the economy and value of Naira.
This is not even up to their usual 7 points agenda. Is it too much for a serious minded and leadership driven President, Senators, Ministers, Reps and Governors to implement.
Believe me, minimum wage will only cause further inflation as marketers are waiting for the implementation to enable them increase the cost of thier goods so as to also benefit for the increased salary of government workers. It has happened before.
“Tinubu proposes two or three years interval to adjust minimum wages for Nigerian workers - Nairametrics”
